Amone vs. Sofi

AmONE loan features and benefits

AmONE is a loan marketplace that compares several top-tier lenders in one place. AmONE partners with Upstart, Happy Money, Prosper, Best Egg and Achieve to offer personal loans ranging from $2,000 up to $100,000, with annual percentage rates (APRs) starting at 6.40% and going up to 35.99%.

Repayment terms range from 12 to 84 months in length, depending on the lender. As with most lenders, the best rates are available to well-qualified borrowers, but the minimum credit score to be approved is 600, and while AmONE doesn’t charge a fee for its services, the lender you get matched with may charge an origination fee for your loan.

How to apply for an AmONE loan

You can apply for an AmONE loan online, and in just a few minutes, you’ll get matched with a lender with no impact on your credit score. Here’s how the process works:

1. Complete a short form online with details like income, employment and loan amount
2. Get matched to lenders based on your profile and loan needs
3. Compare offers side by side to see different rates, terms and fees
4. Work with an AmONE loan specialist to finalize your application with the lender you choose

SoFi loan features and benefits

SoFi is an online lender, investment platform and bank that offers personal loans for well-qualified borrowers. The company offers personal loans ranging from $5,000 up to $100,000, with APRs ranging from 8.99% to 35.49%. The lowest rates require you to set up automatic payments and direct deposit.

Repayment terms range from 24 to 84 months in length, giving you flexibility with your monthly payment. While SoFi doesn’t require a minimum credit score to apply, the best rates are only available to well-qualified borrowers. But SoFi stands out in that it doesn’t charge any loan origination fees, which can save borrowers hundreds of dollars up front.

How to apply for a SoFi loan

You can get preapproved for a SoFi personal loan online without impacting your credit score. You’ll fill out a quick application with your personal and some financial information and SoFi will do a soft credit pull to determine your eligibility.

After you’re preapproved, you’ll choose a loan amount and term and complete your loan application. Once you’re approved, you could receive funds as quickly as the same business day (or the next business day).

Pros and cons of AmONE and SoFi

Both AmONE and SoFi offer personal loans with unique strengths and trade-offs. Your choice will depend on your credit profile, loan needs and whether you want flexibility or no-fee simplicity.

AmONE

AmONE is a loan marketplace that matches you with multiple lenders, making it a good choice if you want options and have a credit score of 600 or higher. Borrowers can access loans quickly and choose repayment terms from 12 to 84 months.

However, some loans may come with high APRs (up to 35.99%) and origination fees, depending on the lender you’re matched with.

» FIND OUT: What to consider before borrowing

SoFi

SoFi is best for borrowers with excellent credit who want a no-fee personal loan and access to member benefits, like a complementary meeting with a financial planner and career coaching. Like AmONE, you can borrow up to $100,000, but SoFi’s repayment terms have a larger starting point at 24 to 84 months.

SoFi’s higher $5,000 loan minimum and the need for excellent credit to access the lowest rates are its main drawbacks.

Who should choose AmONE?

AmONE is best for borrowers who want to compare offers from multiple lenders with a single application and choose the most favorable rates and terms. AmONE takes your application and presents loans from high-quality online lenders that offer fast funding, competitive rates and high borrow amounts.

AmONE also is generous with credit requirements, with most lenders offering loans to borrowers with a credit score of just 600 (or more). This is good for borrowers with less-than-stellar credit history that need access to funds quickly.

Repayment terms at AmONE range from 12 to 84 months, which is ideal for borrowers who want to control their monthly payment amount. This can be good for short-term borrowers who need funds for a home construction project or to long-term borrowers consolidating debts.

» MORE: Top-rated bad credit lenders

Who should choose SoFi?

SoFi is best for borrowers that already have a SoFi bank account or are a SoFi member. Everything is managed within a single app, and you gain access to the entire SoFi benefits ecosystem when you get a personal loan from them.

SoFi is also great at keeping fees to a minimum, especially by not charging a personal loan origination fee. These fees can cost hundreds (or potentially thousands) of dollars with other lenders, so this can lead to huge savings.

Borrowers with excellent credit benefit most from SoFi, since strong scores are needed to qualify and to unlock its best rates. So if your credit score is below 700, you might not get a competitive rate with SoFi.

But SoFi lets you borrow up to $100,000, so if you have a big home project or need to consolidate other loans and debts, SoFi can be a good option.